TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Wednesday, March 27.
Related: Shark Tank's Kevin O’Leary has a bold plan for TikTok
FULL VIDEO TRANSCRIPT BELOW:
J.D. Durkin: I’m J.D. Durkin - reporting from the New York Stock Exchange. Here’s what we’re watching today on TheStreet.
Stocks are looking to rebound after the Dow, Nasdaq, and S&P 500 all finished in the red on Tuesday. Investors are looking ahead to several new economic reports later this week including consumer sentiment, home sales, and Fed-favorite PCE. The central bank pays the closest attention to when deciding its path forward on interest rates. Currently, investors are pricing in a 91 percent chance that the central bank holds rates steady during its may meeting.
In other news - TikTok is already facing a possible ban in the US, and now it could be facing a lawsuit from the Federal Trade Commission. A new CNN report says the social media platform is being investigated for potentially violating the FTC’s Children’s Online Privacy rule, which requires parents consent before collecting data from users under the age of 13.
The report also noted the FTC is looking into whether TikTok committed “unfair or deceptive” business practices by claiming its users data could not be acquired by individuals in China.
In mid-March the US government took its first step to banning TikTok. In an overwhelming 352 to 65 vote, the House of Representatives approved a bill that would force its parent company, Chinese tech giant Bytedance, to either sell the popular social media platform - or have it outlawed in the united states.
The bill - called the Protecting Americans from Foreign Adversary Controlled Applications Act - now heads to the Senate. Lawmakers remain concerned over Tiktok’s potential national security threat because of its ties to the Chinese Communist Party.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
